Those 7.6 cents reflect 40 percent of the 19-percentage-point difference based on the crude estimate.
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To run simulations, Guillermo Owen of the Naval Postgraduate School in Monterey, California, uses intelligence data from the US Air Force to estimate on a 100-point scale the importance a wanted man attaches to his likes (fishing, say) and priorities (remaining hidden or, at greater risk of discovery, recruiting suicide-bombers).
The best-fit estimate represented by the downward-slopping line in the chart reveals that for each one percentage point of personal income that social welfare spending rises above 10%, net private investment falls by about 1.2 percentage points of personal income.
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The key point about this ring-fencing is that it is simply an estimate by the Treasury of the level of spending needed to maintain services as they are.
Inheritance taxes are a minor source of government money, accounting for less than one percentage point of the 8-9% of GDP in revenues that Messrs Piketty and Saez estimate is raised by capital taxes.
The company said Wednesday that the U.S. economy likely added only 64, 000 jobs in November, an estimate that went unnoticed by investors caught up in the exuberance of a nearly 500-point gain on the Dow Jones Industrial Average .
With a crossover point of about 300 percent of FPL for those aged 30 to 44, we estimate that about one-third of those older than age 29 with incomes greater than 138 percent FPL will see higher premiums even after accounting for premium assistance.
Its best estimate for the timing of the re-entry would have seen UARS come in at a point well out into the North Pacific.
Apple down 7% over the past several days and trading at just 11x (ex-cash) our CY11 pro forma EPS estimate, we believe the stock represents an attractive entry point for investors.
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Both estimate that shipments of traditional computers dropped by a tenth of a point in the second quarter of 2012 -- not a good sign when Intel's Ivy Bridge processors and a wave of Ultrabooks were supposed to usher in a PC renaissance.
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